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Originally Posted by Stu from NYC
I did not consider it but most of the time had disability insurance thru company I worked for and life insurance worth much more than what SS would have paid my family.
Would bet that most people who are financially savvy would opt out of SS at an early age if they could.
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People will argue about most anything. First of all you do not have the option to opt out of social security. Secondly if you are working for someone other than self employed, many don't realize your employer has to match what you pay to social security-essentially tax free income to you. I was self employed and unlike most who pay 7% to social security, I paid 13%.
Social Security is yet another progressive tax. When you earn more you pay more. The increase of benefit you receive is far less than the more you are forced to pay.